Chapter 1 Creating Customer Value

Question 1

What is Marketing?

Answer 1

Process by which companies create value for customers as well as build strong customer relationships to capture value from customers

Question 2

What are Needs?

Answer 2

State of felt deprivation - could be physical social individual

Question 3

What are Wants?

Answer 3

Specific form of need shaped by personality and culture

Question 4

What are Demands?

Answer 4

Wants backed by purchasing power

Question 5

What are Demands?

Answer 5

Wants backed by purchasing power

Question 6

What are Marketing Offerings?

Answer 6

Combination of product information service or experience offered to a market to satisfy a need

Question 7

What is Marketing Myopia?

Answer 7

Paying attention to a specific product instead of benefits and experience produced

Question 8

Exchange is_____

Answer 8

obtaining a desired object by offering something in return

Question 9

How do marketers aim to create exchange relationships

Answer 9

Consistently offering superior customer value

Question 10

Market Segmentation is _______

Answer 10

refers to dividing a market into segments

Question 11

Target Marketing is _________

Answer 11

which segments should we go after

Question 12

Demarketing is ____

Answer 12

when we should reduce demand

Question 13

Value Proposition

Answer 13

values promised to deliver to customers, to satisfy their needs

Question 14

Production Concept

Answer 14

Make products more available and affordable

Question 15

Product Concept

Answer 15

Providing products with highest quality and performance

Question 16

Selling Concept

Answer 16

Products/Services won’t be bought without an effort

Question 17

Marketing Concept

Answer 17

Achieving Organizational Goals by : Knowing customer needs and delivering desired satisfaction better than competition

Question 18

Customer-Driven Marketing

Answer 18

understanding consumer needs better than consumers themselves, as well as creating products to meet subconscious needs

Question 19

Societal Marketing Concept

Answer 19

Considering consumers and society’s long-run interests.

Question 20

Marketing Mix

Answer 20

Tools and equipment used to implement the marketing strategy

Question 21

Integrated Marketing Program

Answer 21

plan that communicates and delivers value to selected customers

Question 22

How to manage CRM

Answer 22

providing value and satisfaction-promising what can be delivered and then deliver more

Question 23

Customer Perceived Value

Answer 23

difference between benefits gained and cost of product

Question 24

Customer Satisfaction

Answer 24

extent of a products perceived performance matches or exceeds expectations